WAKE FOREST UNIVERSITY BAPTIST MED… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1975

Legal Domicile

Principal Officer

JULIE A FREISCHLAG MD

Phone

3367164445

Tax Period

2023-01-01 to 2023-12-31

WAKE FOREST UNIVERSITY BAPTIST MEDICAL CENTER, founded in 1975, is a major nonprofit in the Health Care sector that reported $163.4M in total revenue in fiscal year 2023. Expenses of $197.9M exceeded revenue, resulting in a 21% operating deficit.

Mission

WAKE FOREST UNIVERSITY BAPTIST MEDICAL CENTER (AT TIMES ALSO REFERRED TO AS THE "MEDICAL CENTER OR "WFUBMC OR "THE FILING ORGANIZATION") IS AN INTEGRAL PART OF ATRIUM HEALTH WAKE FOREST BAPTIST (AT TIMES ALSO REFERRED TO AS "AHWFB"), A PREEMINENT LEARNING HEALTH SYSTEM AND ACADEMIC MEDICAL CENTER OF THE HIGHEST QUALITY WITH BALANCED EXCELLENCE IN PATIENT CARE, RESEARCH AND EDUCATION THAT PROMOTES BETTER HEALTH FOR ALL THROUGH COLLABORATION, EXCELLENCE AND INNOVATION. AHWFB'S MISSION IS TO IMPROVE HEALTH, ELEVATE HOPE AND ADVANCE HEALING - FOR ALL AND ITS VISION IS TO BE THE FIRST AND BEST CHOICE FOR CARE.

Program Service Accomplishments

Program 1

Expenses: $5,399,365

WAKE FOREST UNIVERSITY BAPTIST MEDICAL CENTER (WFUBMC) - SEE SCHEDULE O

Program 2

Expenses: $163,573,234 Revenue: $140,428,542

WAKE FOREST HEALTH NETWORK, LLC (WFHN) - SEE SCHEDULE O

Program 3

Expenses: $11,674,184 Revenue: $16,399,136

WAKE AIR CARE, LLC (AIRCARE) - SEE SCHEDULE O

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $292,382

Program Service Revenue $156,871,570

Investment Income $6,523,895

Other Revenue $-301,148

TOTAL REVENUE $163,386,699

Expense Breakdown

Grants Paid $0

Salaries & Benefits $120,621,278

Fundraising Expenses $0

Program Expenses $180,646,783

Other Expenses $77,288,429

TOTAL EXPENSES $197,909,707

Year-over-Year Comparison

	2023	2022	Change
Revenue	$163,386,699	$169,430,781	0.0%
Expenses	$197,909,707	$184,950,341	+0.1%
Net Income	$-34,523,008	$-15,519,560	+1.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

24084

Volunteers

466

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$32,309,247

Total Directors

$1,799,376

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EUGENE A WOODS	CEO ADVOCATE HEALTH	5.00	Officer	$16,507,215	$2,069,687	$18,576,902
JULIE ANN FREISCHLAG MD	CEO OF AHWFB	5.00	Officer	$0	$50,088	$5,244,157
KEVIN P HIGH MD	PRES, HEALTH SYSTEM (TO 8/31/23)	20.00	Officer	$0	$52,075	$2,321,984
TERRY G WILLIAMS	FORMER OFFICER (7/31/22)	0.00		$1,681,163	$281,221	$1,962,384
SUSAN R WENTE PHD	DIRECOTR	5.50	Director	$0	$325,680	$1,799,376
BRADLEY A CLARK	EVP, TREASURER	4.00	Officer	$1,431,976	$145,795	$1,577,771
CATHLEEN WHEATLEY DNP	PRES WFBMC, SVP CNO	40.00	Highest	$1,142,653	$33,711	$1,176,364
J MCLAIN WALLACE JR	SVP, GEN COUNSEL & SECRETARY	5.00	Officer	$983,574	$35,934	$1,019,508
RAMI BADREDDINE MD	PHYSICIAN	40.00	Highest	$924,981	$52,238	$977,219
E EBONY BOULWARE MD	DEAN, WFU SOM	5.00	Officer	$0	$32,149	$955,441
A MICK FISHER	SVP, CHRO	25.00	Highest	$887,944	$41,049	$928,993
MICHAEL T WAID	SVP, HLTH SYS OPS	5.00	Highest	$797,934	$57,880	$855,814
TODD BANKHEAD	SVP CLIN OPS, COO	40.00	Highest	$786,744	$45,733	$832,477
J REID MORGAN	ASST SECRETARY	6.00	Officer	$0	$108,874	$799,445
LISA M MARSHALL	VP, CH PHIL OF	20.00	Officer	$635,041	$36,014	$671,055
STEPHAN L LILLIE	SVP & CFO	10.00	Officer	$572,269	$33,957	$606,226
WILLIAM D SHOWALTER	FORMER OFFICER (5/13/22)	0.00		$520,841	$29,498	$550,339
DAVID W ZAAS MD	PRES, HEALTH SYSTEM (FR 9/1/23)	20.00	Officer	$0	$6,594	$536,758
A DALE JENKINS	DIRECTOR	4.00	Director	$0	$0	$0
A LEE HERRING	DIRECTOR	4.00	Director	$0	$0	$0
ARTHUR A GIBEL	DIRECTOR (TO 12/31/23)	4.00	Director	$0	$0	$0
BRIAN A WHITE	DIRECTOR (FR 9/14/23)	4.00	Director	$0	$0	$0
DONALD E FLOW	CHAIR	4.00	Officer Director	$0	$0	$0
DONNA A BOSWELL PHD	DIRECTOR	4.00	Director	$0	$0	$0
EDWIN L WELCH JR	DIRECTOR (TO 12/31/23)	4.00	Director	$0	$0	$0
FELICIA ALLEN	DIRECTOR	4.00	Director	$0	$0	$0
JOHN M VANN	DIRECTOR	4.00	Director	$0	$0	$0
LEON LEE JONES MD	DIRECTOR (FR 1/1/23)	4.00	Director	$0	$0	$0
MATTHEW A KING	DIRECTOR (TO 12/31/23)	4.00	Director	$0	$0	$0
NITA AHUJA MD	DIRECTOR (FR 1/1/23)	4.00	Director	$0	$0	$0
RICHARD STICK WILLIAMS	DIRECTOR	4.00	Director	$0	$0	$0
RICHARD L SHACKELFORD	DIRECTOR	4.00	Director	$0	$0	$0
SHEREE B WATSON	DIRECTOR	4.00	Director	$0	$0	$0
STEPHEN L ROBERTSON	DIRECTOR	4.00	Director	$0	$0	$0
WILLIAM C WARDEN JR	VICE CHAIR	15.00	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$163,386,699	$197,909,707	$569,235,159	$-34,523,008
2022	$169,430,781	$184,950,341	$507,015,665	$-15,519,560
2021	$71,035,628	$99,449,912	$570,543,990	$-28,414,284
2021	$205,958,249	$151,025,697	$446,443,070	$54,932,552
2020	$135,588,853	$152,452,854	$318,317,044	$-16,864,001
2019	$141,446,455	$163,752,837	$341,415,288	$-22,306,382
2018	$143,937,875	$138,982,200	$391,300,256	$4,955,675

WAKE FOREST UNIVERSITY BAPTIST MEDICAL CENTER